Search

FxPro: Daily Technical Analysis before the European Market Opens on May 7, 2024

FxPro
FxPro
05-07

FxPr: Daily Technical Analysis before the European market opens on May 7, 2024.

Explore the market insights of the Global Research Department at the Trading Center today. Discover new trading methods and opportunities among popular trading products.

EUR/USD   Spot Gold   GBP/USD   EUR/JPY   EUR/GBP   USD/CHF   Germany DAX Index Futures (Eurex)   Brent Crude Oil (ICE)   UK FTSE 100 Index Futures  

Kind Reminder: Due to market fluctuations, prices may have moved past key levels, rendering strategies invalid.

Spot Gold Today: A new round of upward movement.

Pivot Point:

2315.00

Trading Strategy:

Above 2315.00, go long with target prices at 2333.00, then 2346.00.

Alternative Strategy:

Below 2315.00, go short with target prices at 2306.00, then 2292.00.

Technical Commentary:

The RSI indicator shows a complex trend tendency, inclined towards rising.

d97fa204313b4c2f945ea3452724b6e0379

GBP/USD Today: Proceed with caution.

Pivot Point:

1.2540

Trading Strategy:

Above 1.2540, go long with target prices at 1.2570, then 1.2590.

Alternative Strategy:

Below 1.2540, go short with target prices at 1.2525, then 1.2505.

Technical Commentary:

The ultra-short-term (intraday) technical indicators show a complex trend, proceed with caution.

d97fa204313b4c2f945ea3452724b6e0560

EUR/USD Today: Proceed with caution.

Pivot Point:

1.0755

Trading Strategy:

Above 1.0755, go long with target prices at 1.0775, then 1.0790.

Alternative Strategy:

Below 1.0755, go short with target prices at 1.0740, then 1.0725.

Technical Commentary:

The ultra-short-term (intraday) technical indicators show a complex trend, proceed with caution.

d97fa204313b4c2f945ea3452724b6e0740

EUR/JPY Today: Bullish, with 165.80 as the support level.

165.80 as the Pivot Point.

Trading Strategy:

Bullish, with 165.80 as the support level.

Alternative Strategy:

If it falls below 165.80, target levels for EUR/JPY are set at 165.28 and 164.97.

Technical Commentary:

The RSI indicator is above the 50 neutral zone. The MACD indicator is bullish and above its signal line. Additionally, the price is above its 20-day and 50-day moving averages (currently at 166.04 and 165.83).

d97fa204313b4c2f945ea3452724b6e0979

EUR/GBP Today: Bullish, with 0.8566 as the support level.

0.8566 as the Pivot Point.

Trading Strategy:

Bullish, with 0.8566 as the support level.

Alternative Strategy:

If it falls below 0.8566, target levels for EUR/GBP are set at 0.8554 and 0.8547.

Technical Commentary:

The RSI indicator is above 50. The MACD indicator is bullish and above its signal line. Additionally, the price is above its 20-day and 50-day moving averages (currently at 0.8573 and 0.8571).

d97fa204313b4c2f945ea3452724b6e01215

USD/CHF Today: An upward trend.

Pivot Point:

0.9050

Trading Strategy:

Above 0.9050, go long with target prices at 0.9095, then 0.9110.

Alternative Strategy:

Below 0.9050, go short with target prices at 0.9035, then 0.9025.

Technical Commentary:

The RSI indicator is trending upwards.

d97fa204313b4c2f945ea3452724b6e01380

Germany DAX Index Futures (Eurex) (M4) Today: Ultra-short-term (intraday) support around 18120.00.

Pivot Point:

18120.00

Trading Strategy:

Above 18120.00, go long with target prices at 18266.00, then 18320.00.

Alternative Strategy:

Below 18120.00, go short with target prices at 18033.00, then 17980.00.

Technical Commentary:

The RSI indicator just reached the 50% neutral area and is turning upwards.

d97fa204313b4c2f945ea3452724b6e01609

Brent Crude Oil (ICE) (N4) Today: No significant trend change.

Pivot Point:

83.85

Trading Strategy:

Below 83.85, go short with target prices at 83.10, then 82.80.

Alternative Strategy:

Above 83.85, go long with target prices at 84.40, then 84.80.

Technical Commentary:

As long as the resistance at 83.85 remains, there's a bearish trend in price fluctuations.

d97fa204313b4c2f945ea3452724b6e01798

UK FTSE 100 Index Futures Today: A new upward move.

Pivot Point:

8198.00

Trading Strategy:

Above 8198.00, go long with target prices at 8262.00, then 8295.00.

Alternative Strategy:

Below 8198.00, go short with target prices at 8169.00, then 8145.00.

Technical Commentary:

The RSI indicator is bullish, indicating a further upward trend.

d97fa204313b4c2f945ea3452724b6e01980

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

The End

Wiki

Foreign Exchange Trading

Foreign exchange trading is a financial trading activity that seeks profit through the exchange rate differences between different countries' currencies. It is characterized by globalization, high liquidity, and leveraged trading. Participants include central banks, commercial banks, investment institutions, enterprises, and individual investors. However, it also involves potential risks such as market fluctuations and leverage risks.

Organization

You Missed

Risk Warning

TraderKnows is a financial media platform, with information displayed coming from public networks or uploaded by users. TraderKnows does not endorse any trading platform or variety. We bear no responsibility for any trading disputes or losses arising from the use of this information. Please be aware that displayed information may be delayed, and users should independently verify it to ensure its accuracy.

Contact Us

Social Media

Region

Region

Contact